The company said net revenues for Q3 2024 declined 1% to $11.9 billion, and organic revenues (non-GAAP) grew 9%. Operating income declined 23%, and EPS declined 7% to $0.66, while comparable EPS (non-GAAP) grew 5% to $0.77.

1. 01

   The company said net revenues for Q3 2024 declined 1% to $11.9 billion, and organic revenues (non-GAAP) grew 9%. Operating income declined 23%, and EPS declined 7% to $0.66, while comparable EPS (non-GAAP) grew 5% to $0.77.

2. 02

   The company cited the remeasurement of the fairlife acquisition-related contingent consideration liability to fair value, a charge of $919 million, among the factors that pushed Q3 operating margin down to 21.2% from 27.4% a year earlier. Comparable operating margin (non-GAAP) was 30.7% versus 29.7% a year earlier.

3. 03

   The company said cash flow from operations for Q3 fell to $2.9 billion and free cash flow (non-GAAP) fell to $1.6 billion from the prior year, mainly due to the $6.0 billion payment to the IRS related to tax litigation. Free cash flow excluding the IRS tax litigation deposit was $7.6 billion, a decrease of $294 million from the prior year.

4. 04

   The company said it expects full-year 2024 organic revenue (non-GAAP) growth of approximately 10%, and that this outlook was updated. It also provided comparable currency neutral EPS (non-GAAP) growth of 14% to 15% and an underlying effective tax rate (non-GAAP) of 18.8%.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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